Harvey World Travel flies into the black -- ERG trade data forum

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Date Posted: 21:32:27 02/25/03 Tue
Author: February 26, 2003
Subject:

Harvey World Travel flies into the black

Harvey World Travel flies into the black
February 26, 2003
Harvey World Travel (HWT) shares rose today after the company posted a net profit of $1.21 million for the half year ended December 31 2002, compared to a loss of $2.37 million for the same period last year. �The company has recovered from the dual impact of the external shocks of September 11 and the collapse of Ansett which unfortunately coincided with Harvey World Travel's integration of the Thomas Cook Travel business in Australia and New Zealand,� chairman Norm Fricker said.

�The financial benefits flowing from the acquired business through its several profit earning streams are now taking full effect.

�It is pleasing to confirm that the monthly trading targets set for the company as far back as January 2002 are being realised.

�This achievement confirms the steady profit improvement predicted throughout 2002, and indicates the company is well placed to record continued profit growth through the second half of this financial year, which is traditionally the period of highest earnings for the company.�

Network sales volumes grew 20% in the six months from July to December compared to the corresponding period the previous year, managing director Barry Mayo highlighted.

Mr Mayo said that the company was also encouraged by the signs of pick-up in travel to Bali, including the increase of airline flights scheduled and the launch of a new airline service.

A fully franked dividend of 1.5c per share was declared.

At 1436 AEST Harvey World Travel was 3.5c, or 7% higher to 50c

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